COLERAINE ONLINE CAR INSURANCE FIRM USES BLACKBOX INTELLIGENCE TO REDUCE ACCIDENTS BY 68%
FINDINGS UNVEILED DURING ROAD SAFETY WEEK (16-22 NOVEMBER 2020)
Coleraine headquartered online car insurance firm, MCL InsureTech, has revealed that its BoxyMo brand has used telematics to dramatically reduce driving risk factors among young motorists.
BoxyMo, which was launched in 2013 to target young drivers (aged 17-25), monitored the driving behaviour of some 50,000 policy holders covering around 278 Million miles of data on roads across the island of Ireland.
That data showed that since its launch, BoxyMo drivers’ accident frequency rate has dropped by 68.2%.
The highly scientific algorithm used by BoxyMo rewards people who drive safely by monitoring the big risk factors: speed, driving smoothness (braking, acceleration and cornering), distance you’re travelling and when you’re travelling.
Further findings from blackboxes showed that bodily injury claims at the firm fell by 58% since 2013, while driving alerts, a notification system that was introduced in 2016, have seen a decrease of 92.5% in excess braking alerts alone.
And in November 2017 immediate reduction of speeding alerts by 59% were noted within the first 12 months of introducing weekly speeding summaries.
Excess acceleration alerts have also decreased, by 94% since 2016.
Collectively, the latter figures combined have reduced the accident frequency rate by 68.2% and a bodily injury rate of 58%.
Gary McClarty, Managing Director of MCL InsureTech said: “It’s no secret that young drivers have the highest number of accidents. But not all young drivers are the same. Using telematics technology our black boxes constantly measure risk factors for young drivers and alert them to potential risks, and this has been proven to influence, very positively, driving habits among that demographic.
“It’s thanks to Axon Telematics, who developed our BoxyMo technology, that we are able to reveal these findings at a time when we focus on Road Safety Week 2020, which runs from 16 to 22 November 2020. The theme for 2020 is NO NEED TO SPEED so it is very apt that we have a product such as BoxyMo available to help young drivers manage risk.
“Road Safety Week is a very important social awareness campaign that aims to reduce the number of road deaths and we are delighted to be able to say that our relationship with Axon and the analytics it provides us with can help support that goal.”
Mr McClarty said BoxyMo’s high tech offering was set up to support young drivers in improving their own mobility safely but also allowing them access to competitive insurance that rewards safe driving. He adds: “By customers having their driving monitored we promise to view our customers as individuals rather than assuming all young drivers are the same. Premiums are no longer based on static factors such as age but by using our telematic real time technology we provide healthy discounts to safe drivers.”